Russian energy giant Gazprom has cut its 2012 investment program by 64 percent to 776.648 billion rubles ($24.232 billion) year-on-year, the company said on Tuesday.
This year's investment program amounts to 1.277 trillion rubles ($41.4 billion).
Gazprom's budget approved for 2012 stipulates revenues and gains at 4.933 trillion rubles, a 13 percent increase on 2011, while liabilities, expenditures and investments will grow 6 percent to 5.114 trillion rubles. Financial borrowings are determined at 90 billion rubles. The budget surplus will make up 0.5 billion rubles.
Under the 2012 investment program, priority in capital construction costs allocation will be given to pre-development of the Bovanenkovskoye, Zapolyarnoye, Medvezhye, Urengoyskoye and Yamburgskoye gas fields.
Funds will be allocated to implement projects in Russia's East, particularly to construct the Sakhalin – Khabarovsk – Vladivostok gas transmission system, a gas trunkline running from the onshore processing facility in the Kirinskoye gas and condensate field to the Sakhalin main compressor station, Gazprom said in a statment.
Gazprom's dividend payments for 2011 may grow 120 percent from the previous year to 198.621 billion rubles or 8.39 rubles per share.
"The decision on the dividend amount will be adopted by the company's shareholders at the annual General Shareholders Meeting based on the Board of Directors recommendation to be formulated in spring 2012," the statement said.